€2 million plugged into Irish wireless tracking firm to aid expansion plans

AN Irish wireless tracking firm has secured a €2 million investment to help with its expansion. The investment was made by Cork-based venture capital firm Kernel Capital into Dublin based semiconductor DecaWave.

The company’s main product, ScenSor helps to track the location of objects and people using wireless sensors. The investment funds will be used to drive growth for ScenSor technology.

DecaWave has already established a partnership agreement with Korean telecommunications company, LG Innotek which will manufacture modules based on DecaWave’s ScenSor chips.

Chief technology adviser of Kernel Capital Dr Daniel McCaughan said they have been keeping a close eye on DecaWave’s progress for a while.

“With two patents issued and over five more pending, DecaWave has continuously developed its innovative technology and is a pioneer in the commercial application of UWB technology.

“We believe that the company has proven all the basic building blocks to ensure this early stage company has the potential to make a major global impact,” he said.

DecaWave employs 18 people in Dublin, France, the United States and Asia.

The investment is co-led with International Investment and Underwriting.

DecaWave chief executive Ciaran Connell said: “DecaWave is delighted to have Kernel Capital and International Investment and Underwriting as our new investment partners. We regard their support as a significant vote of confidence in our vision.”

Kernel Capital and its associate life science investment firm Seroba Kernel have more than €190m under management in five venture capital funds.

Managing director of corporate banking at Bank of Ireland Pat Gaynor said it is vital for Ireland to be investing in the future adding that the bank’s partnership with Kernel Capital is providing funds to assist the progress of companies which are the “engine of national long-term growth”.